Top 5 Mistakes Entrepreneurs Make When Applying for SBA Loans

DETROIT - July 3, 2025 - PRLog -- With SBA lending projected to hit record highs in 2025, thousands of entrepreneurs are turning to small business loans to launch or grow their ventures. But according to Wise Business Plans—a national leader in professional business plan writing—many applicants are making avoidable mistakes that cost them funding.

"An SBA loan can be life-changing, but one wrong assumption—or a missing detail—can lead to a denial," said Dorothy Anderson, Manager of Wise Business Plans. "Our team has reviewed thousands of business plans for SBA lenders. We know exactly what they're looking for—and what they reject."

Top 5 SBA Loan Mistakes Wise Business Plans Sees Most Often:

1. Unrealistic financial projections that don't reflect industry norms
2. Missing market research or unclear customer targeting
3. No clear use of loan proceeds (e.g., "working capital" is too vague)
4. Generic business plans from AI tools or templates
5. Failure to demonstrate owner investment or skin in the game

Wise Business Plans offers SBA-compliant business plans backed by detailed financial forecasting, market analysis, and lender-ready formatting. Their clients include first-time entrepreneurs, franchise buyers, and minority-owned businesses across the U.S.

A Checklist That Gets You Funded

At Wise Business Plans we help you with a SBA Loan Readiness Checklist:

• What lenders require vs. what's "nice to have"
• How to strengthen creditworthiness and financial ratios
• The exact documents and plan sections banks expect to see
• Red flags to avoid when describing business risks

Entrepreneurs can explore SBA Business Plan services at:
👉 https://wisebusinessplans.com/bank-business-plan/

About Wise Business Plans

Wise Business Plans is a U.S.-based provider of expert-written business plans, financial models, and strategic startup documents. Specializing in SBA, franchise, investor, and immigration-based planning, Wise has helped over 15,000 entrepreneurs across 400 industries secure funding and launch their businesses with confidence.

Dorothy Anderson
dorothy@wisebusinessplans.com
www.wisebusinessplans.com
1-800-496-1056